The Milk Road Show Bitcoin Is Entering a New Market Structure & It's Stronger Than Ever w/ Matt Hougan & Ryan Rasmussen
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Dec 3, 2025 
Matt Hougan, Chief Investment Officer at Bitwise, and Ryan Rasmussen, Senior Bitwise strategist, dive into the surprising strength of Bitcoin's market structure. They discuss recent shifts driven by major financial players and the importance of institutional engagement. The duo debates whether Bitcoin's sideways movement hints at a muted bear market or maturation. They explore macroeconomic drivers, predict potential all-time highs, and emphasize the need for better retail onboarding. Their insights illuminate a dynamic landscape for crypto enthusiasts.
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Market Psychology Is Turning Positive
- Market psychology shifted when good news began moving price positively again.
- Matt Hougan sees that as a signal the market is healthier and more optimistic.
Institutional Flows Are A Slow Rising Tide
- Institutional adoption is a slow, multi-year tidal wave that lifts markets over time.
- Matt Hougan says Merrill Lynch opening its advisors is a door that once opened won't close.
Advisors Have Moved Past Crypto 101
- Advisor questions have evolved from 'what is crypto' to detailed portfolio and risk questions.
- Ryan Rasmussen notes this shows advisors are seriously considering Bitcoin allocations.